Water Street Healthcare Partners Selects J.P. Morgan for Private Equity Fund Administration

NEW YORK, March 17, 2009 – J.P. Morgan announced today that it has been mandated to provide private equity fund administration services to Water Street Healthcare Partners, a leading private equity firm focused exclusively on the health care industry. With more than $1 billion of capital under management, Water Street is one of the most active investors in health care.

J.P. Morgan Private Equity Fund Services will provide Water Street with a set of comprehensive services to help optimize efficiency, ensure quality control, and increase reporting transparency for fund managers and investors. The mandated services include fund and partnership accounting, capital call/distribution management, and investor tracking, along with investor relations support and treasury services. Tax compliance services, management and financial reporting, and waterfall/carry plan administration will also be provided.

“Our quality reputation and superior service delivery, our pre-existing relationships with several of the client’s partners, and our local Chicago office, all helped to secure Water Street in moving their fund administration business from another provider to us,” said James Hutter, global business executive for J.P. Morgan Private Equity Fund Services. “During these turbulent market conditions, leading private equity firms like Water Street are increasingly looking to work with a trusted provider of independent administration, like J.P. Morgan, that is able to deliver vision and stability on a regional and global basis.”

J.P. Morgan Private Equity Fund Services provides top-rated private equity administration services to more than 200 funds managing $200 billion in alternative assets. It has offices in Chicago, New York, London, Jersey (Channel Islands), Sydney, San Francisco and Dallas. The global bank offers cash management and foreign exchange services in addition to fund administration. In the 2008 Global Custodian Private Equity Fund Administration Survey, J.P. Morgan received best-in-class recognition across 43 service categories, securing more top ratings than any other administrator.

For more information on J.P. Morgan Private Equity Fund Services, please visit www.jpmorgan.com/pefs.

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM), is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan, Chase, and Washington Mutual brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

About Water Street Healthcare Partners
Water Street Healthcare Partners is a leading private equity firm focused exclusively on health care. With more than $1 billion of capital under management, Water Street is one of the most active investors in the health care industry. The firm has a strong record of building market-leadership companies across key growth sectors in health care. It has partnered with some of the world’s leading health care companies on its investments including: Johnson & Johnson, Medtronic and Smith & Nephew. Water Street’s team is comprised of industry executives and private equity professionals with decades of experience investing in and operating global health care businesses. The firm is headquartered in Chicago. For more information about Water Street, visit www.wshp.com .

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